South Africa: 2012 Article IV Consultation - Staff Report, Informational Annex, Debt Sustainability Analysis, Staff Statement, Public Information Notice

In: IMF Staff Country Reports v.No. 12/247

Abstract

Cover -- CONTENTS -- THE CONTEXT -- A SLOW RECOVERY -- RISING RISKS, STILL MODERATE VULNERABILITIES -- POLICY DISCUSSIONS -- A. Broadly Adequate Pace of Fiscal Consolidation but Need to Change the Composition of Spending -- B. Policy Rates on Hold for Now -- C. Flexible Exchange Rate, but Lingering External Competitiveness Problems -- D. Further Reserve Buildup Needed to Maintain Adequate Coverage for Precautionary Purpose -- E. Reliance on Monetary Stimulus in Severe Adverse Scenario -- JOB CREATING POLICIES -- REGIONAL INTEGRATION -- STRENGTHENING FINANCIAL STABILITY -- STAFF APPRAISAL -- TABLES -- 1. Authorities' Response to Past IMF Policy Recommendations -- 2. Risk Assessment Matrix -- 3. Selected Economic and Financial Indicators, 2008-17 -- 4. Consolidated Government Operations, 2008/09-2014/15 -- 5. Statement of Operations-National Government Main Budget 2008/09-2014/15 -- 6. Balance of Payments, 2009-2017 -- 7. Monetary Survey 2004-2011 -- 8. Financial Soundness Indicators 2008-2011 -- FIGURES -- 1. Impact of Global Slowdown -- 2. Slowdown in Economic Activity -- 3. More Gradual Fiscal Consolidation -- 4. Well-Managed Public Debt -- 5. High Government Wage Bill -- 6. Continued Monetary Support -- 7. Volatile Asset Prices -- 8. Enduring Problems with External Competitiveness -- 9. Fiscal Space South Africa and EM 20 Peer Countries: 2007 and 2012 -- 10. Product Market Highlights -- 11. Labor Market Highlights -- 12. Regional Integration and Interlinkages -- 13. Resilient Banking System -- BOXES -- 1. Toward a National Health Insurance Scheme -- 2. External Sector Assessment -- APPENDICES -- I. Inward and Outward Spillovers -- II. Estimating the Implicit Inflation Target -- III. Real Wage, Labor Productivity, and Employment -- IV. A Financial Conditions Index for South Africa -- CONTENTS -- RELATIONS WITH THE IMF -- THE JMAP BANK IMF MATRIX.